GGRAsia – AGTech sells ID check kit to China sports lottery

AGTech sells ID check kit to China sports lottery

Jul 03, 2015 Newsdesk Industry Talk, Latest News, Rest of Asia

AGTech Holdings Ltd, a Hong Kong-listed equipment supplier to mainland China’s regulated lottery market, announced on Thursday that one of its subsidiaries has been chosen as a supplier of instant verification terminals (IVTs) to China’s National Sports Lottery Administration Centre.

Beijing AGTech GOT Technology Co Ltd (GOT) was one of the companies that met all the technical requirements and passed an admission test conducted by the sports lottery authority, the parent company said in a filing.

The instant verification terminal is a handheld data collection device used to manage sales of printed sports lottery instant scratch cards. It provides various functions including the collection and transmission of logistics data as well as the collection and verification of sales and rewards data.

There are approximately 90,000 handheld data collection devices deployed in China’s sports lottery market, according to AGTech Holdings.

China’s Ministry of Civil Affairs, which oversees the welfare lottery, announced a five-month clean-up campaign to make sales and cash collection for the nation’s biggest lottery game more transparent following an embezzlement scandal, official Chinese news agency Xinhua reported this week.

“With this qualification as an authorised IVT supplier, GOT is poised to enter into a brand new business sector to provide terminals for the sales of printed instant scratch cards throughout the nation,” AGTech Holdings said in Thursday’s filing.

It added: “The board believes that this is of great significance in GOT’s continuous effort to increase its product lines and further broaden its product diversification.”

AGTech Holdings narrowed its loss in the first quarter of 2015 when judged year-on-year. The firm reported a loss attributable to owners of the company for the three months to March 31 of approximately HKD37.3 million (US$4.8 million), compared to a loss of HKD45.9 million in the prior-year period.